Allows nonprofit organizations to apply for property tax exemptions after purchasing property.

This bill amends the real property tax law to allow nonprofit organizations to apply for property tax exemptions if they purchase property after the taxable status date but before the levy of taxes. The application must be filed with the assessor no later than the taxable status date applicable to the following year's assessment roll. The bill also outlines procedures for determining the amount of exemption and handling pro rata exemption credits.

Allows nonprofit organizations to apply for property tax exemptions after purchasing property.

This bill amends the real property tax law to allow nonprofit organizations to apply for property tax exemptions if they purchase property after the taxable status date but before the levy of taxes. The application must be filed with the assessor no later than the taxable status date applicable to the following year's assessment roll. The bill also outlines procedures for determining the amount of exemption and handling pro rata exemption credits.